JPMorgan's Chase Bank Bans Crypto Transactions In UK Citing Surge In Scams

JPMorgan’s Chase Bank Bans Crypto Transactions In UK Citing Surge In Scams

Updated: 27 September 2023

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JPMorgan’s Chase Bank banned crypto transactions in the UK, citing a surge in scams targeting its customers.

“Fraudsters are increasingly using crypto assets to steal large sums of money from people,” it said in an email to customers seen by InsideBitcoins. “If you’d still like to invest in crypto assets, you can try using a different bank or provider instead – but please be cautious, as you may not be able to get the money back.”

The ban, effective from October 16, affects 1.6 million Chase customers in the UK, Reuters reported. The bank launched in the country two years ago.

Chase Not The First Bank to Blame Scammers for Limiting Crypto Access

Chase is not the first UK lender to restrict users’ access to digital currencies in regard to concerns over their use in online scams. Such moves have been controversial with many saying banks should not decide how people spend their money.

In fact, many have argued that this kind of control is the exact reason why people choose crypto over traditional finance, as there are no such restrictions when it comes to decentralized systems.

Others have suggested that JPMorgan is trying to limit its customers’ access to crypto before they start offering crypto themselves.

But don't forget, Jamie Dimon and Chase are probably just setting up their own fast break. Keep your eyes on the ball, folks!

— Basketballverse (@bballverse_gg) September 26, 2023

Almost a half of the UK’s major banks don’t allow crypto transactions, including HSBC, Halifax, TSB and The Co-operative Bank, according to a report by FinTech Times. Crypto-friendly banks include Starling, Monzo and Revolut, it said